TAMPA, Fla. — Innovative Rocket Technologies’ (iRocket) plans for a fully reusable satellite launcher got a boost from the first flight test of IRX-100, a short-range missile the startup hopes will generate near-term revenue to support its orbital Shockwave vehicle.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...